Egyptian Prime Minister Announces Social Package and Economic Initiatives
Egyptian Prime Minister Mustafa Madbouly has confirmed that a new social support package for low-income citizens will be revealed in the coming days. During a press conference on February 5, the Prime Minister emphasized the government’s commitment to improving economic conditions. He stated, "We set a vision to increase salaries and wages starting from the next fiscal year."
New Discoveries in Energy Sector
In an update regarding Egypt’s energy exploration, Prime Minister Madbouly highlighted recent oil and gas discoveries in the King Mariout area of the western Mediterranean, made by BP Petroleum Company. He anticipates further discoveries in this lucrative region, which could bolster the Egyptian economy.
Addressing the Budget Deficit
Shifting focus to fiscal matters, Madbouly outlined the government’s objectives for the new fiscal year’s budget, aiming to reduce the overall budget deficit. He noted that this budget prioritizes increasing support across various sectors while simultaneously raising salaries and pension benefits.
The Prime Minister signaled that substantial allocations will be directed toward education and health programs. He also mentioned ongoing efforts to enhance the "Decent Life" initiative and the comprehensive health insurance program.
Launch of the "Digital Pioneers" Initiative
Highlighting progress in technology investment, Madbouly announced the upcoming launch of the "Digital Pioneers" initiative, which is backed by the "Long Live Egypt" fund with an investment of up to three billion pounds. This initiative aims to foster digital innovation and promote skilled workforce development.
Desalination Projects in Collaboration with Private Sector
On infrastructure developments, Prime Minister Madbouly reported ongoing discussions with international companies regarding the implementation of seawater desalination plants. The goal is to produce over five million cubic meters of desalinated water per day, enhancing water security in the region. He mentioned that efforts are underway to bolster the local component of desalination supply chains.
Economic Geopolitical Impacts
In light of recent customs recognition exchanges between the United States and China, Madbouly expressed concern about potential trade wars and their implications for global commerce. He warned that these developments could trigger a new wave of inflation and escalate commodity prices worldwide. "We hope to reach a global consensus to stop this type of drawing," he added, emphasizing the importance of collaborative international trade practices.
For ongoing updates and more information, consider subscribing to our channel.
